12-Unit Apartment
For Sale
$1,390,000
915 E Palmetto Street LAKELAND, Lakeland, FL 33801
Renovated 12-unit apartment building with on-site laundry and a courtyard.
Property Size8,348 SF
Price / SF$166.51
Days on Market42
Property Features for 915 E Palmetto Street LAKELAND
General Information
Standard status
Active
Size
8,348 SF
Zoning
RA-4
Additional Details
Multifamily Units
12
Taxes and HOA fees
Annual Taxes
$5,845
Amenities
true
Public Records
Public
19497
0.45
false
Asphalt,Brick
Other
City Street
8348
2
Building Details
Building Size
8,348 SF
Year Built
1926
Buildings
2
Listing Agency:
(904) 569-5862
Listed By:
Silmara Castilhos Saxena
(904) 569-5862
Source:
Movetojacksonville
Added: Jul 6
Changed: Aug 15
Last Checked: Aug 16 at 3:07AM
Displayed information is deemed reliable but is not guaranteed and should be independently verified. All listing content including descriptions, pricing, images are the copyrighted material of Silmara Castilhos Saxena
Investment Insights
Based on property information with market context.
This is a 12-unit apartment building presented for sale. The property includes a fully renovated North Building and a partially remodeled South Building, with all units described as fully renovated and outfitted with brand-new appliances and updated fixtures.
The building is identified as a contributing property within the Lake Morton Historic District and is described as having Mediterranean Revival architecture. An on-site laundry facility is included, along with a spacious courtyard for resident use.
The property is offered as a residential income asset with both buildings under renovation/restoration, combining historical character with contemporary unit updates.
The building is identified as a contributing property within the Lake Morton Historic District and is described as having Mediterranean Revival architecture. An on-site laundry facility is included, along with a spacious courtyard for resident use.
The property is offered as a residential income asset with both buildings under renovation/restoration, combining historical character with contemporary unit updates.
Key Highlights
- 12‑unit apartment building in the Lake Morton Historic District (contributing property).
- North building fully renovated; South building partially remodeled.
- Year built 1926; Mediterranean Revival architecture.
Financial Insights
Estimated NOI and Cap Rate
NOI = area × lease_rate × (100 − vacancy) / 100 × (1 − expense_ratio). Net Operating Income — what the owner takes home each year before mortgage payments and income tax. Effective rent (asking rent minus vacancy losses) minus operating costs (taxes, insurance, maintenance, management).
NOI / Yr
$79,072
Cap rate = NOI / list price × 100. Capitalization rate — annual return on a fully cash purchase, before financing. NOI divided by price. Higher means more income per dollar invested, but usually also more risk or older condition. 5–8% is typical for stabilized commercial property; double digits often signal distressed deals.
Cap Rate
5.69%
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,581,440
$1.6M
Cap Rate 7%
$1,129,600
$1.1M
Cap Rate 9%
$878,578
$878.6K
Market Conditions
NOI Build-Up for 8,348 SF
Vacancy — income lost from leasable area expected to sit empty during the year, subtracted from gross rent.
EGI (Effective Gross Income) — gross rent minus vacancy losses, the realistic income before paying operating costs.
OpEx (Operating Expenses) — recurring costs to operate the property (property tax, insurance, utilities, maintenance, management); excludes financing and capital improvements.
NOI (Net Operating Income) — income a property generates after operating costs but before financing and taxes.
Gross rent
$153.3K $18.36/SF
− Vacancy
−$9.5K −$1.14/SF
EGI
$143.8K $17.22/SF
− OpEx
−$64.7K −$7.75/SF
NOI
$79.1K $9.47/SF
Area
Lakeland, FL
Vacancy
6.20%
Lease Rate
$18.36 /SF/Yr
Expense Ratio
45.00%
Simulate Cap Rate and NOI
Suggested Prices Based on Cap Rates
Cap rates vary significantly by property type, market, and asset quality.
Typical U.S. stable-market ranges:
Multifamily — 4.5% to 6.5% (Class A in primary markets often sub-5%; Class C in secondary markets 6%+)
Industrial / Logistics — 5.0% to 7.0% (compressed heavily in recent years due to e-commerce demand)
Office — 6.5% to 9%+ (wide spread post-2020; CBD Class A vs. suburban Class B varies dramatically)
Retail — 5.5% to 8.5% (grocery-anchored on the low end, unanchored strip centers higher)
Hospitality / Hotels — 7.5% to 10%+ (higher due to operational risk)
Self-Storage — 5.5% to 7.5%
Medical Office — 6.0% to 7.5%
Net Lease (single tenant, credit) — 5.0% to 7.0% depending on tenant credit and lease term
Rules of thumb:
Primary markets (NYC, SF, LA, Boston, DC) trade at lower cap rates than secondary/tertiary markets, often by 100–200 bps (bps, aka basis points; 1 bp = 0.01%).
Class A assets trade ~50–150 bps tighter than Class B, and Class B tighter than Class C.
Cap rates move inversely with price — a lower cap rate means a higher price for the same NOI.
Spread to the 10-year Treasury is a common benchmark; historically 200–400 bps over the 10-year.
Cap Rate 5%
$1,581,440
Cap Rate 7%
$1,129,600
Cap Rate 9%
$878,578
Alternative Uses
Best Use
Apartment 5plus
$1.13M
$988.4K – $1.32M
NOI $79,072 @ 7.0% cap · market cap 5.69%
Second Best
—
—
no second resolved use
Theoretical Best
Office A
$2.01M
$1.76M – $2.34M
NOI $140,427 @ 7.0% cap · market cap 10.10%
Zoning and permitted uses should be independently verified with authorities.
Property Analytics
Property Profile
Current Use
Lease Details
12
Residential units
Location Intelligence
Trade Area within ½ mile
2,669
Businesses Nearby
Explore this area
Business Placement
Demographics for 33801, FL
36,798
Population
15,365
Households
2.4
Avg Household Size
34
Median Age
16%
College-Educated
84%
High-School Grad
18.9 sq mi
ZIP Area
1,947
Density / Sq Mi
$49,210
Median Household Income
$30,055
Median Earnings
$1,100
Median Rent
$138,700
Median Home Value
Market
Vacancy Rate% for Multifamily in South region
Questions? Ask Rey
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Frequently Asked Questions
What type of property is this?
Apartment building - Renovated 12-unit apartment building with on-site laundry and a courtyard.
Where is this apartment building located?
The property is located at 915 E Palmetto Street LAKELAND Lakeland, FL.
What is the asking price?
The asking price for this property is $1,390,000.
What are key features of this property?
This property features: 12‑unit apartment building in the Lake Morton Historic District (contributing property).; North building fully renovated; South building partially remodeled.; Year built 1926; Mediterranean Revival architecture.
